The self-employed excluded from the coronavirus rescue

Jul 04, 08:54 AM
The Chancellor’s coronavirus rescue plan for the British economy has been bold and big, but one important part of the workforce feels somewhat hard done by.

A chunk of the self-employed have been excluded from Rishi Sunak’s support in a way that employees have not.

More than 9million employees are having 80 per cent of their wages up to £2,500 a month paid by the taxpayer under the furlough scheme, with no limits barring high earners from help.

In contrast, anyone who is self-employed and has made more than £50,000 in recent years gets no help whatsoever. 

Those hit by the £50,000 cap are not the limited company directors who can pay themselves in dividends, they are sole traders paying national insurance and income tax in full on their earnings.

At a time when the government is throwing hundreds of billions of pounds at the coronavirus crash to support people and boost the chances of recovery, is it fair to exclude this group of the self-employed?

On this week’s podcast, Simon Lambert, Georgie Frost and Tanya Jefferies look at how this has happened and whether there is any hope left for those affected that things might change.

Tanya also updates listeners on her ground-breaking investigations into widows underpaid state pension, which have seen her win tens of thousands of pounds back for those who got less than they should have.

Simon reveals the best and worst performing funds of the year so far and tries to tackle the question of whether the US stock market can just keep on trucking.

And finally, recent podcasts have featured how Britain has gone mad for hot tubs in lockdown but there is a new hot property in town – the awfully-named ‘shoffice’.